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20121201
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CBS
Dec 29, 2012 7:00am PST
and for the country that's waiting for us to make a decision. >>reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases, but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done, but the president has a backup plan just in case. >> if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote. >>reporter: that bear bones bill would preserve tax cuts for the middle class and extend unemployment benefits. it would also lay a foundation for a broader deal to come. danielle nottingham, cbs news, the white house. >>> wall street was not impressed by the latest developments in washington. the dow jones industrial average lost 158 points yesterday, it's five-day losing streak is the longest since july. the nasdaq and s & p 500 also closed down. >>> former president george h.w. bush continues to improve while recovering in the intensive care unit at a houston hospital. a
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